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| Author: | Stulz, R.M. Willimson, R. |
| Title: | Culture, openness, and finance |
| Journal: | Journal of Financial Economics
2003 : DEC, VOL. 70:3, p. 313-349 |
| Index terms: | Investor protection Culture Religion Languages Finance |
| Language: | eng |
| Abstract: | Differences in culture, proxied by differences in religion and language, cannot be ignored when examining why investor protection differs across countries. The authors show that a country's principal religion predicts the cross-sectional variation in creditor rights better than a country's natural openness to internationla trade, its language, its income per capita, or the origin of its legal system. |
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